The London Conference is taking! shape, Satisfactory appointments have been made to the two main] Committees, 'The stabilisation of exchanges has been definitely advanced on a temporary basis for the duration of the Conference and plans are laid for subsequent crea. tion of permanent stabilisation ma chinery. If the Conference succeeds in' carrying this project to completion it will have one real' achieve. ment to its credit, 'The danger of expecting too much must' be noted when tributes to the business-like methods employed are already being! paid, Still there is ample evide of ce-operation, as, for example, in the friendly handling of the vexed question of the Chairmenship of the Finance Crmmission... China. will note that it. 'T, V. Soong made a food impression. Transccean's correspondent refers appreciatively his "candour and sincerity." The Finance Minister certainly expound ed the figures of China's industrial possibilities with lucid ity and effect, 3 If he referred to balanced budget without expressly indicating the Iimitatons of that phrase in his port folio, he did make a reference the outstanding railway obligations of which reminders have been forth. coming of late. Those preliminary] speeches naturally cunnut be exhaustive theses." The cement of pardonable patriotism. "intrudes, When the Committees get down to bedrock facts for the elucidation of their problems a different. technique! will be necessary. Therein lies the test hope for the eventual success of a Conference which, if permitted suite legitimately smite at the nant. to, have a sense of humour,' may ity of the predictions of its failure, War Debt Decision The eleventh-hour hesitations appear to have been solved, "President, Roosevelt has been unexpectedly hampered by the continuance of the ngzress in session on a domestic issue of which full use has been made of the champions of rejection of any British offer in part payment of the June instalment of the Way Debt. Now the American Govern: ment has cut the Gordian knot by agreeing to accept a payment on, account and instituting: an inquiry into the whole question of War Debts. before the instalment of December next becomes due: This Those who consider that rear Britain should have pad the full instalment without demur have perhaps not taken sufficiently into Account the difficulties confronting the American Government. In fact that Government must be well aware. of the embarrassment which payment in full would have. entailed And yet it still lacks the power to impress that view on Congress. 'The offer of a part payment to some extent relieves the situation, bat, in the light of past history the' inquiry into the Debt question cannot be "lied upon to produce " prompt and final solution. Tu the meantime the continued unsettlement of the Debt issue cannot but be a handicap to the London Conference. Before more definite views are expressed necessary to observe the effect cof the decision on the markets and to ascertain the exact terms of the understanding happily reached between London and Washington, Toward Collaboration Although much has yet to be done before the War Debt issue can be cived, the courageous action of President Franklin Roosevelt in aecepting part payments of the instal ments due yesterday has introduced a definite hope of securing eventual collaboration. The London Confer. ence gains enormously by this decition, which removes an obstacle, to Anglo-American accord in. tai the problems on the agenda. Mr. Neville Chamberlain's speech in the House of Commons showed how im-Britain, consistently with her duty sible it would be for Great
assisting Europe to find stability, to continue full payments. The effect of such payments would be to wreck the Lausanne settlement. elon et the Bacheaursreletian of tually admirable was the Chan-the. doctrine of repudiation. tatifactory to observe that all par Tt isle
tie In the' Huse are completely in sécord with Mr. Chamberlain's. acion and recognise the seance of President Roosevelt's - decision, 'The President to-day is boldly confronting enormous diffeulties, Tt would' be regrettable if-he and the nation of which he vis, the tread "were left, in any doubt of the very. real appreciation of those difficulties possessed. by responsible men. in Great Britain, ish "democracy may have its weak points but their very existence helps in perception of the complex. Hy of the political and. financial problems with which President Roosevelt has to deal. His Government has just successfully effected a sweeping reform of the country's banking system, That alone is a proof of the dynamic courage with which Mr. Roosevelt ind his advisers are tackling the situation. The London Conference has been presented with an encour. aging overture to its main delibera: tions, "Its vicissitudes may gather in intensity and it will probably be impossible for some time to. gauge the prospects of success. Discus. sions can, however, now be turn. jed on the important question before it without the disquieting sence of oppression which complete diver-[Renee of view on the War Debi issue would have provided.
The decision to make payment of Silver Soy the part-instalment of the American War Debt in silver may be hailed satisfaction. In so far og It reduces the iver interests with some the holdings of the Government of India and, therefore, the chances of} the market being called upon absorb those holdings it may have the effect of enhancing the price of the metal, Yet it is by no means certain that such a result will nejerue, "although presumably the American Government will' issue waist the silver acquired and
tion by: the Federation of British the rise. The reported sugees:
process of ination, asst Industries for the enhancement of the price of silver seems to indicate that Senator Pittman has not been wasting his time in' England. The belief rade with ed ved when he was in America that WY; Soong very wisely oh:
hina wanted stability rather than dear silver. Any sudden further rise of the metal would have a serious effect on the import trade here and it would probably diminish volume of exports. It is to decide exactly which are aspirations and which decisions in the various revelations "now mai europe and Americ is not reassuring to perceive sud marked tendencies in the direction of inflation with special intent to put up the price of silver. Nevada may be an excellent place in that it sponsors Senator Pittman, but its interests are not quite the same as those of the trader in the Far East.
The Lave Dr, Dillon A notable writer and speaker on ign affairs. passed. way feeek'in,"the person of Dr."
Joseph Dillon. "He was one of the lending foreign correspondents with reputation mane in the Victorian age and. cantinaed until the Present day. "Asa. correspondent to. the 'Telegraph vand a frequent contributor to the mionthiy reviews, Dr, Dilon was best known to: Eng? lish Teaders: "Russia he knew part calorly. well in the pre-war ays, He' was adviser to: Count Witte the Portsmouth Conference of 1908 and he ted as a special correspon lent in China during the Boxer Ex-edition. In. latter: years:'he: took fp the cudgels strongly on besaf of Miapan and was extremely critical the achievements of the League of Nations, Indeed, in an article written shotty before bir death, he roundly declared "thatthe 'League's onl? as the "excommuniea, sie was Possible at with Dr! Dillon bat not possible ever to deny the Femarkable' depth of his knowledge of Buropean affairs even if he seem ed to lone his bearings in the East Partly of Irish descent as his name suggested, he was educated in Paris, rat trite was" Russian lady,
ages at the University of Petrone hewn ast of Oriental Laney: fand he had an unrivalled knowledge the Balkans. He knew modern Mexico and, last year, he added to long' line of Uooks witha me resting volume ented, "Leaves fom my Life?" He started his Jour, palisie career in 1889 by fouling Muscon'so, at the time of Seah he may Rave well been regard ed_as the Goyen of speci! cores. Pondents. "He belonged to an oid chao! of thorodghmess and disretion and, without disparaging the new, itis permissible fo express ree fret that the pattern has Been Tost ror vather has been Tendera oh: dete" by" the breathless conditions ove prevailing in the branch of the Profession which he adorned. cee ok Stee Point and Cour int have been made by Europe to Amer-
Text read from the printed page and cleaned; old type leaves the occasional error.